Dubai Holding appoints new CEO to run $35bn firm

Dubai Holding appointed Amit Kaushal as chief executive officer, replacing Edris Alrafi who left the investment firm owned by the emirate’s ruler after less than a year.

Kaushal was previously chief financial officer at the conglomerate that manages about $35 billion of assets, according to an emailed statement. The statement didn’t provide a reason for Alrafi’s departure.

Kaushal previously worked at Goldman Sachs, UBS Group AG and Deutsche Bank AG in London and Dubai, according to information on Dubai Holding website. It’s not clear who will replace Kaushal as CFO.

Dubai Holding, which owns Dubai Properties Group and hotel operator Jumeirah Group, is one of three main state holding companies in the emirate, according to information on its website.

During the boom years, government entities amassed overseas assets such as luxury retailer Barneys New York and US hotel and casino group MGM Resorts International. Many assets were then sold during the 2008-2009 financial crisis.

Alrafi was appointed as CEO of Dubai Holding in April last year, replacing Fadel Al Ali. He joined as Dubai Holding as it focused on a new organizational structure and debt management program, according to a statement at the time.

The news following the announcement earlier today that Dubai Properties group CEO Abdullah Lahej resigned from his position at the property development and management company, and will be replaced by Raed Al Nuaimi from North25.